Conspiracy Theory - Hotforex Scammed me $14770.25 - Because I gave myself a margin call

[bigdolly]

My account daily confirmation before and after - balance

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Well I've reviewed both of your snapshots and it is clear that your enormous 150 long position on EUR/CHF demolished all your deposit, triggered stop out and drive your account into negative balance. Doubt you could overlook that and your complaint looks like a unavailing attempt of money extortion . I truly understand your disappointment and how you fret and fume because of colossal loss, but it is ridiculous to take out the fault of Hotforex from the thin air. Sure you are a mature trader and able to take it on the chin.

Best of luck!

 

[veri5]

I don't defend brokers usually, but in this case, with 150 lots EURCHF long, what can I say .... be happy that Hotforex deleted negative balance

 

[Scoony]

Hi Ed !
I am not sure I understand all the numbers that you provided. I would have to put them into an excel and see what I come up with.
However, if the Equity goes below the amount that you put in (before bonus) then hotforex has the right to close all positions, take out
the bonus and your account is zero or even negative. That are the conditions of the 100% bonus.
Now how much did you put in? 30,000 so you got 30,000 bonus. When your account equity went below 30,000 they (automatically) close
all positions and you have no more money left. So can you tell me these numbers? Thanks. Scoony

 

[Ed_Forex]

Well I've reviewed both of your snapshots and it is clear that your enormous 150 long position on EUR/CHF demolished all your deposit, triggered stop out and drive your account into negative balance. Doubt you could overlook that and your complaint looks like a unavailing attempt of money extortion . I truly understand your disappointment and how you fret and fume because of colossal loss, but it is ridiculous to take out the fault of Hotforex from the thin air. Sure you are a mature trader and able to take it on the chin.

Best of luck!

I'm embarrassed of the level of trading education you show in this post. So, every trader that goes high leverage for any kind of reason, the broker must not apply margin policy to the account?

Enormous? The account can hold such a number of lots with that margin, if hotforex applied margin policy right, my account must had been stopped out on 1.20 not 1.1950. This is why margin requirement is a protecttion with a good broker not with hotforex scam broker.

 

[Ed_Forex]

I don't defend brokers usually, but in this case, with 150 lots EURCHF long, what can I say .... be happy that Hotforex deleted negative balance

150 lots for your account maybe impossible, for mine its high but possible, that's why I could open it.

 

[Ed_Forex]

Hi Ed !
I am not sure I understand all the numbers that you provided. I would have to put them into an excel and see what I come up with.
However, if the Equity goes below the amount that you put in (before bonus) then hotforex has the right to close all positions, take out
the bonus and your account is zero or even negative. That are the conditions of the 100% bonus.
Now how much did you put in? 30,000 so you got 30,000 bonus. When your account equity went below 30,000 they (automatically) close
all positions and you have no more money left. So can you tell me these numbers? Thanks. Scoony

The account was subject to withdrawals more than deposits. At the last withrawal time a month ago, all bonus amount was removed, decided to keep $39000(please read my post in page 3 where I explained hotforex no payment until I applied Pharaoh trick and worked), I got $30000 bonus on it that's the max. hotforex gives, actually hotforex told me they give $100000 max. bonus on all accounts, from more than a year until now had 4 or 5 accounts with them, got more than the $100000 max, hotforex talk about in its bonus policy, that gives you an example how hotforex can play with anything and not respect its policy. Anyway, I made $13000 in 2 weeks until the open trades day.
The margin requirement was $45000(rounded it, please check first post)), my equity was $60000, free margin was $15000, when all open positions goes below margin requirement, all open positions get closed as hotforex policy say.

Conclude that I must have $15000 left in my balance if hotforex applied its margin policy.

Reminding that hotforex use the free margin excuse to not process withdrawal, why doesn't it use and apply it to trading open positions must be closed automatically on margin requirement that is the stop out?

hotforex already know about this thread, they can come and reply.

 

[Ed_Forex]

Replying to the question of SNB release last week, must be happy with zero balance(hotforex cover it on normal spikes, ask their clients, that proves hotforex is a market maker), able to take it, mature and whatever.

I'm staying here, asking for my right till the last cent, the SNB last week news excuse will not work. I'm talking legally not poetry.

hotforex must come and tell forexpeacearmy readers why other brokers gave their clients exits between 1.1990 and 1.20, no liquidity for hotforex and liquidity for others??? when others are ECN/STP too.

No liquidity? Why hotforex Eurchf chart show a bearish candle from 1.20095 to 1.1445 ??? After this price comes 1.0580 directly. That means who traded with hotforex must had been executed for any price between the above(no cut price in between).

 

[Ed_Forex]

no dude, i'm not affiliated nor am i defending any broker.. all i am trying to defend is myself because i'm trading with them and even though i visit FPA almost daily the last few months, i never had the need to post before and this is why i'm a new member but this doesn't mean i don't know about trading.

Regarding your case, first of all, i'm sorry that you lost so much money but i still fail to understand how they "scammed" you $14K tbh and judging from @bigdolly's questions, it's not only me who didn't understand. Apart from this, looking at your statements... what can i say. You had 150 standard lots long EUR/CHF during the SNB release last week (!!!!!). You obviously blew up your account because of your risky gambling (you don't call this trading...) style and you even caused this broker an additional $51K because it seems they zeroed your negative balance after you stopped out.

I am not involved in an argument with you, especially when a client like me. My problem with hotforex nobody else.

If read my post 2 pages to the back, said wanted to withdraw all money a month ago for many reasons of hotforex bad service and rude department, but hotforex was delaying my withdrawal until I kept money in account, they processed withdrawal on live chat in 5 minutes.

Was going to withdraw the left amount in account after a month just to left time pass so hotforex don't keep my money or delay it like last time.

Regardless my case, withdraw your money from hotforex, read my other problems with them, this is why decided to withdraw all a month ago.

 

[Ed_Forex]

Regarding your case, first of all, i'm sorry that you lost so much money but i still fail to understand how they "scammed" you $14K tbh and judging from @bigdolly's questions, it's not only me who didn't understand. Apart from this, looking at your statements... what can i say. You had 150 standard lots long EUR/CHF during the SNB release last week (!!!!!). You obviously blew up your account because of your risky gambling (you don't call this trading...) style and you even caused this broker an additional $51K because it seems they zeroed your negative balance after you stopped out.

Many points that must be cleared up. You didn't understand is your problem because you're thinking from a broker scam point of view or like many clients that loose money and their scam brokers tell them it's because of the high risk found in market. Learn what are your rights and to ask for it before defending a broker.

What do you know about SNB release last week? There was no scheduled SNB release to gamble on and my trades were opened 10 days before, not during.

What do you know about my trading style?, at another broker my trades must had been stopped out(closed) 1.20 due to margin requirement.

Hadn't you ever read about what free margin mean? Go to a reliable broker open an account, if your equity goes to margin requirement of open trades, the broker will either close trades automatically, ask you to deposit money to increase free margin, or close one or more trades manually to free up margin.

Had ever ask yourself why it is an ECN/STP broker? Do you know what it means?

ECN/STP clients accounts must be in direct access to the market, no dealing desk. Nobody in the world can stop a free market liquidity.

hotforex lost money because hotforex is a market maker

There was liquidity in the market, what made some brokers bankrupt and others have too many negative balance accounts was because they are market makers that hadn't hedge their clients positions and the others had many clients in negative balance because failure in the broker system to close open trades on stop out, not to forget that many of who announce being STP/ECN are actually market makers, will not be surprised about many brokers announcing their losses at end of month or postponing it to cover most or part of SNB losses from clients new volumes and losses.

 

[Ed_Forex]

Another reminder that I sent scammer hotforex emails to its execution and compliance departments(2 complaints from me to them, no answer from month ago for the first and week for the second), and reminders too.

What will scammer hotforex say? They had no liquidity at that time? hotforex don't say who are their liquidity providers, as a client asked them that many times, they always reply: We have many liquidity providers, we can not reveal their names, we get special prices!. What a scam!

hotforex are market makers, no liquidity providers. hotforex must announce to the regulator who are its liquidity providers, and how all had not provide price feed between 1.20095 and 1.1960 when hotforex chart show no cuts of price feed from 1.20095 to 1.1445.

Stay away of scammer hotforex, withdraw your money. hotforex can change whatever they want on their platform, had experienced that, when i requested to withdraw all my money a month ago there was no this case. hotforex pure market makers.